Thomas & Betts' deal for AFC delayed

The proposed acquisition of AFC Cable Systems by Thomas & Betts Corp. (T&B), Memphis, Tenn., hit a snag due to concerns of the Securities and Exchange Commission. The concerns are related to compensation and also a non-compete arrangement with Ralph Papitto, chairman, chief executive officer and largest shareholder of AFC, according to Renee Johansen, T&B's director of investor relations.

At the same time, a third-party suitor has emerged with an unsolicited bid to acquire AFC Cable Systems, but AFC has not disclosed the name of the third party. The news raises questions about when, or even if, the acquisition will be completed at all.